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What is a common reason for choosing a limited liability company (LLC) over a co
What is a common reason for choosing a limited liability company (LLC) over a corporation?
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Practice Questions
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Q1
What is a common reason for choosing a limited liability company (LLC) over a corporation?
More complex tax structure
Less regulatory paperwork
Unlimited liability
Easier to raise capital
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LLCs generally have less regulatory paperwork and are simpler to manage than corporations.
Questions & Step-by-step Solutions
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Q
Q: What is a common reason for choosing a limited liability company (LLC) over a corporation?
Solution:
LLCs generally have less regulatory paperwork and are simpler to manage than corporations.
Steps: 5
Show Steps
Step 1: Understand what an LLC is. An LLC stands for Limited Liability Company, which is a type of business structure.
Step 2: Understand what a corporation is. A corporation is another type of business structure that is more complex.
Step 3: Compare the paperwork. LLCs usually require less paperwork to set up and maintain compared to corporations.
Step 4: Compare management complexity. LLCs are generally easier to manage because they have fewer rules and regulations.
Step 5: Conclude that many people choose LLCs over corporations because they are simpler and require less ongoing paperwork.
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